Oil: A decrease in consumption is possible by 2050

“It is possible that by 2040-2050 the demand for oil will not be as high as it is today,” said Patrick Pouyanné in Istanbul during the World Petroleum Congress.

“It’s a scenario that’s possible. I do not know if it will happen but in a scenario of 2 degrees as it was signed in the Paris agreement we will have a lower demand for oil “on this horizon, he added.

After having long feared a peak in oil supply, the industry is now looking at the consequences of a possible peak in demand, caused by the development of renewable energies, electrification of transport and greater sobriety In the uses of energy.

However, “it is clear that at this time we will also need oil and gas” because for certain uses of petroleum in chemicals, industry or road freight transport, “we do not see today Which could replace “oil,” Patrick Pouyanné said.

According to the latest scenarios of the International Energy Agency (IEA), demand for oil will continue to grow by about 0.4% per year by 2040.

At that date, the planet is expected to consume 103.5 million barrels per day, compared with about 92.5 million barrels per day in 2015, according to the energy agency’s central scenario, which takes into account the commitments made by countries in the framework of The Paris Agreement, which aims to limit global warming below 2 degrees.